Farm Bureau Insurance Company of Idaho and Akur8 team up to revolutionise pricing strategies

January 8, 2025

Farm Bureau Insurance Company of Idaho has partnered with Akur8 to enhance its pricing capabilities through advanced machine learning.

Farm Bureau Insurance Company of Idaho, the largest property-casualty insurer in Idaho, is known for providing exceptional service and support across the state.

Akur8, a leading insurance pricing and reserving platform powered by transparent machine learning, specialises in accelerating model building and delivering data-driven pricing solutions for insurers worldwide.

The partnership aims to improve the pricing capabilities of Farm Bureau Insurance Company of Idaho by leveraging Akur8’s advanced machine-learning technology. This collaboration will enable the insurer to streamline its development of predictive and data-driven pricing models, ensuring accuracy and efficiency in pricing decisions.

Through this partnership, Farm Bureau Insurance Company of Idaho will integrate Akur8’s platform into its pricing process to enhance its actuarial capabilities. The solution will allow the insurer to combine different model types, estimate the financial impacts of rate changes, and incorporate geographic insights for more informed pricing decisions.

Akur8 CEO Samuel Falmagne said, “We are thrilled to team up with Farm Bureau Insurance Company of Idaho and deepen our connections with other Farm Bureau Insurance carriers. Our advanced AI-powered solution will enhance their pricing team’s capabilities, enabling a more predictive and data-driven approach, without compromising their tradition of exceptional service and support.”

Akur8 chief client officer Brune de Linares said, “Our collaboration with Farm Bureau Insurance Company of Idaho reinforces Akur8’s value as a trusted solution for insurance companies across all lines of business. This partnership demonstrates the significant value we’ve delivered to Farm Bureau insurance companies, and we look forward to achieving even more together.”

Farm Bureau Insurance Company of Idaho director of actuarial Jay Call said, “We’re excited to partner with Akur8 and implement their machine learning and predictive analytics capabilities into our pricing process. Combining different model types to estimate the true financial impacts of rate change, along with leveraging geographic insights, will enhance our team’s efficiency and accuracy, empowering us to deliver better, more informed pricing decisions.”